Home Values

Richmond Metro Home Prices & Values

Zillow Home Value Index

The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Learn more

$186,000

  • 1.4% 1-year change
  • 1.9% 1-year forecast

Market Temperature

Based on three metrics—sale-to-list price ratio, the prevalence of price cuts on home listings, and time-on-market—the market temperature provides information on the current balance of bargaining power between buyers and sellers in this metro relative to other metros across the US. A particular metro may be identified as a good market for buyers in a national market favorable to sellers overall. Learn more

Warm

Buyers' Market
Sellers' Market

The median home value in Richmond Metro is $186,000. Richmond Metro home values have gone up 1.4% over the past year and Zillow predicts they will rise 1.9% within the next year. The median list price per square foot in Richmond Metro is None. The median rent price in Richmond Metro is $1,095, which is lower than the Virginia median of $1,500.

Foreclosures will be a factor impacting home values in the next several years. In Richmond Metro 3.6 homes are foreclosed (per 10,000). This is greater than the Virginia value of 2.2 and also lower than the national value of 3.9

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Richmond Metro is 4.4%, which is lower than the national value of 6.3%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Richmond Metro homeowners underwater on their mortgage is 22.2%, which is higher than Virginia at 18.5%.

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Relative ZHVI
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Richmond Metro Market Overview

Data through Apr 30, 2015
  • $186,000 ZHVI
  • 1.9% 1-yr forecast
    The Zillow Home Value Forecast is Zillow's prediction of what the Zillow Home Value Index will be one year from now. Learn more
    (Apr 30, 2016)
  • No data Median listing price
  • $208,092 Median sale price
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Richmond Metro Market Health

Data through Apr 30, 2015
  • 6.6/10 Healthy
    The Market Health Index illustrates the current health of a region's housing market relative to other markets across the country. The Market Health Index is based on up to 10 metrics including those capturing the past and projected evolution of home values, the prevalence of foreclosures, foreclosure re-sales, negative equity and delinquency, as well as whether homes are currently selling faster or slower than in the past.
    (Feb 28, 2015)
  • 116 Average days on Zillow (Mar 31, 2015)
  • 22.2% Homes with negative equity (16.9% US Avg) (Dec 31, 2014)
  • 4.4% Delinquent on mortgage (6.3% US Avg) (Dec 31, 2014)

Homes foreclosed (per 10,000)

3.6 homes Richmond Metro
2.2 homes Virginia
3.9 homes United States
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Cities in Richmond Metro

Name Median ZHVI
Glen Allen $266,600
Tuckahoe $240,200
Midlothian $238,400
Name Median ZHVI
Mechanicsville $222,400
Ashland $205,700
Chesterfield $203,200
Name Median ZHVI
Bon Air $194,400
Chester $188,700
Richmond $141,300

Listings & Sales

Data through Apr 30, 2015
  • No recent data Median list price / sq ft
  • $117 Median sale price / sq ft
  • No data Listings with price cut
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Richmond Metro Rentals

Data through Apr 30, 2015
  • Zillow Rent Index

  • $1,336 Richmond Metro
    $1,506 Virginia
    $1,364 United States

    The Zillow Rent Index is the median Rent Zestimate valuation for a given geographic area on a given day. Learn more

  • 2.1 Breakeven horizon
    The breakeven horizon is the number of years after which buying is more financially advantageous than renting. Learn more
    (Dec 31, 2014)
  • $1,095 Rent list price
  • $0.92 Rent list price / sq ft
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